Spirit’s new CEO to receive base salary of $1 million

03/22/2013 9:59 AM

03/22/2013 10:00 AM

Spirit AeroSystems’ new president and CEO will have an annual base salary of $1 million, according to a filing made by the company Friday with the Securities and Exchange Commission.

Larry Lawson, former executive vice president of aeronautics for Lockheed Martin, was named CEO by Spirit on Tuesday. He will start at Spirit April 6, replacing founding CEO Jeff Turner, who is retiring.

In documents filed with the SEC, Spirit said that beyond his base salary, Lawson will receive a signing bonus of $2 million in restricted stock and a buyout bonus of $4 million in restricted stock.

“(The) salary may be adjusted from time to time based on Mr. Lawson’s and Spirit’s performance,” the filing said.

The filing said Lawson and Spirit entered into the employment agreement on Monday.

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